Darling: This isn't over
Darling: This isn't over
Thursday 3rd September 2009
Alistair Darling has launched a veneer-thin attack on European governments planning to call back their economic stimulus packages.The chancellor said that the "biggest single risk to recovery is that people think the job is done".
The economies of France and Germany have come out of recession in the last month, raising expectations their leaders will begin to cut down on spending in a bid to balance the books.
But Mr Darling said that it was far too early to be considering "exit strategies".
"There is a real risk that either governments or people generally think 'We have done that, we are on the path to recovery'," the chancellor told the Independent.
"There are encouraging signs that the joint action we have taken in the last ten months or so is having an effect.
"We are beginning to see the fruits of that action. But it is too early yet [to abandon it]. We must not get ahead of ourselves."
Speaking ahead of a meeting of G20 finance ministers over the next two days, Mr Darling added: "You must have a plan that allows you to exit in a way that is consistent with allowing the economy to grow again.
"Don't for goodness' sake get out of them before you have completed the job."
Mr Darling's comments come after German chancellor Angela Merkel and French president Nicolas Sarkozy said they were considering scaling down multi-billion euro stimulus packages after their economies came out of recession.
Britain is yet to return to growth, although the chancellor is sticking to growth forecasts of between 1.25 and 1.5 per cent in 2010.
Related News
HMV expands digital arm despite fall in sales - 03/09/09
Having announced a drop in sales, music retailer HMV has announced it has bought half of online music seller 7digital
Having announced a drop in sales, music retailer HMV has announced it has bought half of online music seller 7digital
FTSE 100 holds as miners gain - 03/09/09
The FTSE 100 held firm in early trading today – with miners providing a strong backbone for the index
The FTSE 100 held firm in early trading today – with miners providing a strong backbone for the index
FTSE 100 holds over 4,800 - 02/09/09
The FTSE 100 managed to end the day just below its opening price – making up initial losses
The FTSE 100 managed to end the day just below its opening price – making up initial losses
PC World sales hit hard - 02/09/09
DSG International, Europe's second largest electrical goods retailer, has said business at its PC World chain has been hit hard by the recession
DSG International, Europe's second largest electrical goods retailer, has said business at its PC World chain has been hit hard by the recession
FTSE 100 drops under 4,800 - 02/09/09
The FTSE 100 this morning continued yesterday's drop falling under the 4,800 mark
The FTSE 100 this morning continued yesterday's drop falling under the 4,800 mark
News Article Search
Quick Apply
News Archive